India ex-billionaire Vijay Mallya - the 'King of Good Times' - gets 4-month jail term

India's Supreme Court sentenced Vijay Mallya to four months in jail and ordered him to deposit US$40m, the latest legal setback for the former billionaire known as the "King of Good Times". Mallya is out on bail in London, where he has been contesting extradition to India following his arrest in the British capital in 2017. Mallya was charged with contempt of court, after he failed to repay debt owed to lenders led by the State Bank of India. He was found guilty by India's Supreme Court in 2017 for transferring US$40m to his children and failing to fully disclose his assets. Mallya's sentencing in absentia is rare, as Indian laws require people to be present when a punishment verdict is handed out to them. The top court decided to make an exception under its extraordinary powers, saying Mallya chose to not appear despite repeated opportunities since 2017. The crackdown on Mallya is part of efforts by Indian lenders to recover dues from defaulting big businesses. Mallya, whose empire spanned liquor to a cricket franchise and Formula One team, lost his fortune after a severe cash crunch at Kingfisher Airlines, the full-service carrier he founded in 2005 and was grounded seven years later.<br/>